$DOGE Current Situation Overview: Dropped to Support Edge, Both Bulls and Bears Are Quite Conflicted
First, let's look at the current situation: Dogecoin is now around $0.1375, having dropped nearly 8% in one day. The price has already breached MA25 ($0.1457) and MA99 ($0.1496), and is now stuck at the 7-day moving average ($0.1376), not able to rise but hasn't completely broken down either, quite awkward.
A few key positions you need to keep in mind:
· Can it hold? The closest support right now is today's low point at $0.1366. If it closes below this, it might directly drop to $0.13 or even lower.
· Want a rebound? It's not that easy. The first hurdle upwards is around MA25 at $0.1457, then there's $0.15 (previous psychological level and MA99 position). But to be honest, with the current momentum, it's quite difficult to bounce back sharply.
Trading Volume and Market Sentiment:
Today’s volume isn’t small, indicating there are sellers and buyers at this position, with significant divergence. But if you look at the 5-day and 10-day average volume, the trading has actually decreased over these two days—plainly speaking, while it has dropped, panic selling isn’t particularly fierce.
In terms of operations, here are a few thoughts for your reference:
· If you're still holding coins: $0.1365 is the last defense line. If the hourly chart closes steadily below this, don't hesitate, reduce your position, and don't stubbornly go against the trend.
· If you want to bottom-fish: Don't rush. It's best to wait until it really stabilizes in the $0.1365–$0.1380 range and shows a decent rebound candlestick before acting. If you really want to make a move, do it with a small position to test, and look for a rebound first at $0.142–$0.145.
· A prudent approach: Wait for it to establish its direction. Either break out with volume above $0.145, proving that the short-term drop is over; or simply break below $0.135, which might lead to another wave down, and then reassess.
Finally, the hard truth:
Dogecoin has dropped 26% this month, with a long-term trend heading downwards. It is also a POW coin, deeply tied to market sentiment and Bitcoin’s movements. The entire market is currently unstable, so don’t harbor too much hope for it alone. The key is still to control your position, set proper stop-losses, and don’t just jump in because the price seems cheap.
(Market risks exist, decisions are up to you, the above is for reference only)
